What % of Your Work is Live Deal Work
Feel like a lot of time is spent on pitches / other meeting materials that will probably not go anywhere. Feel like I learn 10 times more on my live deals so just curious to hear how the experience has been for others.
The split of transaction / non-transaction work is 100% correlated to the market cycle. If you missed the 2021 boom it’s like 70% BS work (which to be specific for those who haven’t banked before - this is deal generation work where you make a bunch of extra analyses for marketing meetings. The idea is to get warm with the client so when they are READY to do something, your bank is the one they call first. It is sincerely just glorified free work - general rule of thumb is if your bank is actually doing a “formal pitch” you will probably lose as the client is likely closer to another bank lol)
I think since the sharp halt of 2022 to general slow re-opening of the market in 2024 - over that period I think most juniors are doing 30% live transaction work and 70% filler work. Maybe 40/60 if you want to count processes that technically start and die/fizzle out along the way. If this sounds like you I wouldn’t worry too much - I would say if you see 2-3 sell sides from beginning to end and maybe 1-2 buy sides, 1 IPO/capital raise of some sort, you had a pretty complete stint over 2 years. Maybe only 1-2 deals fully closed/announced, but that doesn’t matter if you saw the full lifecycle of a deal.
Also, currently ASO 1 so ignore title
100% deal work right now
85% deal work for last year but most of my peers are 20-40%
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